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Gold Seeker Closing Report: Gold and Silver Edge Lower While Miners Bounce Back From Midday Losses
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 7 September 2016 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1345.00

-$3.80

Silver

$19.78

-$0.26

XAU

101.08

-0.47%

HUI

248.20

-0.95%

GDM

792.92

+0.25%

JSE Gold

2365.34

-33.64

USD

94.98

+0.11

Euro

112.42

-0.11

Yen

98.30

+0.32

Oil

$45.50

+$0.67

10-Year

1.541%

-0.002

T-Bond

172.1875

+0.0625

Dow

18526.14

-0.06%

Nasdaq

5283.93

+0.15%

S&P

2186.16

-0.01%

 
 
http://goldseek.com/news/GoldSeeker/2016/9-7gsr/1.jpg

 

The Metals:

 

Gold saw slight gains in Asia before it chopped back lower in London and New York, but it ended with a loss of just 0.28%.  Silver slipped to as low as $19.738 and ended with a loss of 1.3%.

 

Euro gold fell to about €1197, platinum lost $11 to $1084, and copper remained at about $2.10.

 

Gold and silver equities fell roughly 3% by early afternoon, but they then rallied back higher into the close and ended near unchanged on the day.

 

The Economy:

 

Fed Sees Modest Economic Growth Amid ‘Slight’ Inflation  Bloomberg

Job openings soar to all-time high of 5.9 million in July  MarketWatch

Mortgage applications up just 0.9% as interest rates stall  CNBC

 

Tomorrow brings Initial Jobless Claims and Consumer Credit.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2016/9-7gsr/1.png

Charts Courtesy of http://finance.yahoo.com/

 

Oil settled 1.5% higher on continued hopes for a possible production freeze.

 

The U.S. dollar index and treasuries held near unchanged and closed with marginal gains ahead of tomorrow’s ECB meeting.

 

The Dow, Nasdaq, and S&P traded modestly lower for much of trade but ended mixed and near unchanged on mostly disappointing company news.

 

Among the big names making news in the market today were Nintendo, Sprouts, Apache, Mondelez, Chipotle, and Apple.

 

GATA Posts:

 

 

Backed by Sprott, 'Flash Boys' protagonists aim a new exchange at gold

 

The Statistics:

As of close of business: 9/6/2016

Gold Warehouse Stocks:

10,929,295.619

-4,533.17

Silver Warehouse Stocks:

162,862,046.302

-63,592.275

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) AND Mexico Stock Exchange (BMV)

SPDR® Gold Shares

952.135

30,612,097

US$40,919m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

138.13

4,441,056

US$5,973m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

152.66

4,908,200

US$6,603m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$482m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.56

1,239,670

US$1,656m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 14.245 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 225.39: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,246.40: +62.03 change from yesterday’s data.

 

The Miners:

 

New Gold’s (NGD) development update, Eldorado’s (EGO) updated outlook, Silver Bear’s (SBR.TO) financing approval, SilverCrest’s (SIL.V) drill results, and Santacruz Silver’s (SCZ.V) acquired property right were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour Silver

EXK +2.37% $5.62

2.  Alexco

AXU +1.87% $2.18

3.  Primero

PPP +1.75% $1.74

 

LOSERS

1.  New Gold

NGD -7.43% $5.23

2.  Mines Management

MGN -6.09% $1.31

3.  Harmony

HMY -4.37% $3.94

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2016

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


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 -- Published: Wednesday, 7 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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